Table of Contents
- Introduction
- Case Background
- What the College Said
- SECP’s Findings
- Decision of the Bench
- Final Words
1. Introduction
In 2024, Yusra Medical and Dental College (Private) Limited filed an appeal against SECP. The college wanted to cancel an investigation report, but SECP rejected the appeal on February 6, 2024.
2. Case Background
The college had internal disputes about shareholding and directorship. SECP investigated these issues and issued a report.
The college appealed to SECP under Section 33 of the SECP Act to cancel the report. SECP’s Registry refused to register the appeal because of legal rules. The college then asked SECP to decide if the appeal was valid.
3. What the College Said
The college argued that:
- Its appeal was valid because SECP officers created the report.
- The investigation went beyond what the court had ordered.
- Section 13 of the General Clauses Act, 1897, allowed the word “officer” to mean more than one person.
4. SECP’s Findings
SECP reviewed the case and found:
- The Islamabad High Court had already decided on the investigation report in December 2021.
- The High Court dismissed the college’s earlier case, saying it was not valid.
SECP concluded that the college was trying to reopen a resolved issue. The appeal had no strong legal basis.
5. Decision of the Bench
The SECP Bench dismissed the appeal. It ruled that the college failed to give valid reasons for its case. The appeal did not follow the rules of the SECP Act.
6. Final Words
This case shows that appeals must follow legal rules and previous court decisions. SECP enforced these rules by rejecting the college’s appeal.
Final Ruling
Appeal Rejected